Coronavirus blow: SpiceJet returns wet-lease aircraft; cash reserves burn for airlines as demand slumps

Budget carrier SpiceJet has returned five wet-leased Boeing 737 aircraft to Turkey’s Corendon Airlines as the aviation sector continues to remain under the firing line of the coronavirus outbreak. While the airline said that the return is a part of the airline’s efforts to cut costs, sources hinted at financial crunch. “The suspension of international operations and the weakening of domestic demand due to COVID-19 outbreak earlier this month provided an opportunity to SpiceJet to cut high-cost expenses and focus our resources on running a lean and profitable operation. As part of the cost cutting exercise, wide-ranging measures have been taken including returning some wet-lease aircraft,” a SpiceJet spokesperson said, The Indian Express reported.